• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 20 hours Most Wanted Man In Latin America For AP Agency: Maduro Reveals Secret Meetings With US Envoy
  • 5 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 3 hours L.A. Mayor Ditches Gas Plant Plans
  • 2 hours students walk out of school in protest of climate change
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 1 hour Prospective Cause of Little Ice Age
  • 20 hours And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
  • 2 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 7 hours Ford In Big Trouble: Three Recalls In North America
  • 1 day And the War on LNG is Now On
  • 4 hours Is the Green race a race from energy dependence.
  • 7 hours Why Is Japan Not a Leader in Renewables?
The Renewable Revolution Has A Lithium Problem

The Renewable Revolution Has A Lithium Problem

With global energy demand continuing…

Iran’s Present Is Shaky, Its Future Is Precarious

Iran’s Present Is Shaky, Its Future Is Precarious

Iran’s Present Is Shaky, Its…

ConocoPhillips to Sell Oil Sands Assets to Exxon

ConocoPhillips has cut a deal to sell all of its Clyden oil sands property—a total of 226,000 acres--in Canada to ExxonMobil Canada and Imperial Oil for $720 million.

The deal, announced on Thursday, 8 August, means Exxon Mobil Canada and Imperial Oil will buy 100% of ConocoPhillips Clyden oil sands stake, with Exxon acquiring 72.5% and Imperial acquiring 27.5%.

So really, it’s largely an Exxon deal because Imperial is 70% owned by Exxon Mobil.

ConocoPhillips is on an asset purge, hoping to raise $13.8 billion through the sale of its non-core assets. The company enjoys that status of having the largest oil sands holdings in the area, with a total of 1.1 million acres and 16 billion barrels of oil.

Related article: Chesapeake Gives Up On New York Fracking

The deal should be closed by the end of September.

ConocoPhillip’s shareholders will be pleased—the money raised in the asset purge will go to dividends and stock buybacks.

Overall, while the supermajors are underperforming the small shale producers in the US, ConocoPhillips is eyeing a return to the non-integrated days. In 2012, it spun off its downstream assets into Phillips 66.

By. Jen Alic of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News